Casino Accounting and Financial Management: Second Edition

Appendix 9: Distribution or Earmarking of State Gaming Taxes

c olorado 28% to the Colorado Historical Society for historical preservation grants 12% to Gilpin and Teller County governments, in proportion to the gaming revenues generated in the respective counties 10% to the city governments of Black Hawk, Central City, and Cripple Creek, in proportion to the gaming revenues generated in each 0.2% to the Colorado Travel and Tourism Promotion Fund 49.8% to the state general fund, of which the following are designated: 2% to the municipal impact fund for the cities of Woodland Park and Victor; at least 11% to the local government limited gaming impact fund; and an amount to be determined annually to the Colorado Department of Transportation c onnecticut General revenue fund and local governments d elaware Local governments and the state education assistance fund Each local government that serves as a host community for a casino licensee receives a share of gaming taxes in an amount equal to 5% of the adjusted gross revenue and one-half of the admission tax attributable to the licensee within its jurisdiction illinois Admissions tax (per person): $1 to the city where the riverboat is docked $1 to the county where the riverboat is docked 10¢ to the county tourism promotion fund 15¢ to the state fair commission 10¢ to the division of mental health 65¢ to the state horse-racing commission Riverboats operating on Patoka Lake have separate revenue distribution provisions a p p e n d i x 9 Distribution or Earmarking of State Gaming Taxes 456 Appendices Wagering tax: 25% to the riverboats’ home cities and counties, up to $33 million (the total local distribution level for 2002) 75% to the property tax replacement fund and the Build Indiana Fund lottery and gaming surplus account indiana One-half of one percent (0.5%) of adjusted gross receipts to the city from which the gambling excursion originated Another one-half of one percent (0.5%) to the county in which the gambling excursion originated 0.3% to the Gamblers’ Assistance Fund The remainder goes to the state general fund iowa Riverboats: 9% of state revenues go to an education fund for teacher salaries/pay raises .3% of state revenues go to a compulsive gambling program Remaining state revenues go to the general fund for gambling enforcement Land-based casino: All state revenues go to the education fund for teacher salaries/pay raises Local government revenue allocations are determined by Louisiana Revised Statutes, Title 27, section 93 louisiana Forty-five percent to the state school aid fund and 55% to the city where casino is located for public safety and economic development michigan $3 million or 25%, whichever is greater, of the state monthly revenue share goes to retire bonds until 2012 Any amount in excess of $3 million but less than 25% goes to the state highway fund until 2012 The remainder goes to the state general fund; all of the state revenues go to the general fund after 2012 Admissions fee per person: $1 to the state gaming commission; $0.01 of this goes to the compulsive gamblers treatment fund $1 to the home dock city or county Appendices 457 Wagering tax: 10% of the adjusted gross receipts revenues goes to the local governments The state share of adjusted gross receipts goes to an education fund m ississippi Local governments and state general fund m issouri Casino revenue funds provide financial assistance to the elderly and disabled m ontana 34% to hotels 20% to the university 20% to education 9% to economic development 17% to tourism nevada Percentage fees: state general fund Annual slot taxes: First $5 million to state higher capital construction fund Balance to state distributive fund $50 each machine to multipurpose pavilion bond fund Annual state licenses: 10% of state annual fee and annual unrestricted slot license fee is set aside for gaming administration costs with any unused portion being distributed equally among the 17 counties. The gaming administrative budget is subject to the State Budget Act, and historically has not exceeded 4% of collections. Quarterly flat fees and quarterly restricted slot licenses to state general fund Casino entertainment tax, wire service fees, pari-mutuel pool, manufacturer and distributor licenses: state general fund new jersey State license fee and annual slot tax: casino control fund and state treasury Gross revenue tax and reinvestment tax: casino revenue fund and state treasury ...